David Bruce

July 27th, 2009

It’s Still a Buyer’s Market in Richmond!

The economy is improving and there are positive signs in the real estate market BUT, it’s still a buyer’s market!  Central Virginia area home sales numbers along with National and State numbers show a real estate market down compared to a year ago but,  improving compared to earlier this year.  Median prices fell as well.  Richmond area home prices dropped about 12 1/2 percent to $206,904 in the second quarter compared to the same period last year.  In Virginia prices fell about 8 1/2 percent to $245,885 in quarter 2 (April/May/June).  While prices are off they are not as far off as they were in the first quarter of 2009 (Jan/Feb/Mar).  What does it mean?  There are still more houses for sale than there are buyers and it’s still a great time to buy a home.

Nationally, sales of previously owned homes rose for the third straight month in June. The National Association of REALTORS reports sales increased about 3 1/2 percent in June which is better than predicted and expected.  The national median price for June was $181,800 in June, down about 15 1/2 percent from a year ago.

Interested in buying a Richmond area home?  Skye Bruce Properties can help make sense of the current real estate market and help you develop a buying strategy to get the most home for your money.  Contact Skye Bruce Properties today!

This entry was posted on Monday, July 27th, 2009 at 6:20 pm and is filed under Buying A Home, Real Estate News and Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply